The ability to receive a tax break from charitable giving has been significantly impinged upon by the new tax law that became effective this year. The good news, though, is that tactics exist which will allow you to preserve your charitable tax deductions in certain situations. I've provided a non-technical overview below and am happy to discuss it with you in greater detail at your convenience.
The new tax law has increased a taxpayer's standard deduction and, in turn, lowered a number of itemized deductions. Fewer than 10% of individuals are expected to have itemized deductions in 2018 that exceed the standard deduction. When itemized deductions are unavailable, the tax benefit of charitable giving is lost.